Snap It, the on-demand supplies delivery platform for tradespeople, has raised £2.1 million in seed funding to broaden the range of materials its customers can access and to expand outside Greater London.
ActivumSG Ventures led the funding round with Force Over Mass Capital (FOM Capital) and LiFE Ventures the other institutional investors. Snap It also attracted the financial backing of angel investors, including former world boxing champion David Haye, Onefinestay founder Greg Marsh and Oliver Stork, a private equity professional with significant board-level experience at large international building merchants.
Snap It will use the proceeds to expand beyond plumbing supplies, initially by offering an electrical product range. The company delivers within the M25 area and also plans to launch later in Birmingham as part of a broader UK expansion strategy.
Viktor Muhhin, founder and CEO of Snap It, said: “This funding will take our platform to the next level as we expand outside London and offer electricians the same service currently enjoyed by our plumber customers. Our platform will continue to grow, supporting large merchants on their daily operations and digitising independent family-run merchants so they remain competitive in today’s fast-paced market.”
Founded in 2019 to address the pain points Viktor Muhhin faced as a self-employed plumber, Snap It’s mobile application simplifies how tradespeople source materials, spare parts and fittings. Snap It ensures tradespeople have the key items needed for a job by delivering orders in as little as 30 minutes or by advance delivery. This enables them to operate more efficiently, improves customer satisfaction and frees them up to win more business.
Tradespeople lose on average two hours a day on supply runs, research shows. Using Snap It, a sole trade can generate an additional £47,000 of business per year, through time saved on sourcing materials and parts. This ultimately benefits the homeowners, tenants and property managers who hire tradespeople, by reducing the wait times and costs.
Snap It’s technology aggregates data on the availability of supplies from more than 100 reputable merchants, large and small. These include City Plumbing Supplies, Gasworld Parts and MP Moran as well as independent merchants such as GMS Spares Ltd, THL Islington and London Plumbing & Electrical. Its platform supports the digital transformation of these distributors, enabling them to manage their inventories in real-time, while providing the data for stock control to drive sales.
Natalie Somekh, Partner at ActivumSG Ventures, said: “Viktor and the Snap It team are using their deep industry knowledge to modernise and streamline the fragmented building trades supply chain so that everyone wins – tradespeople, merchants, homeowners, tenants and property managers. We can see the tremendous growth opportunities that Snap It’s platform unlocks and are happy to support the team in growing it.”
Angel investor, Oliver Stork, added: “I am thrilled to be supporting Snap It and the management team to grow and develop the business further. With its product offering and partnership approach, Snap It has great potential to innovate and create synergies across the merchant value chain.”